Latest news with #MorguardCorporation
Yahoo
01-06-2025
- Business
- Yahoo
With 64% ownership, insiders at Morguard Corporation (TSE:MRC) are pretty optimistic and have been buying recently
Morguard's significant insider ownership suggests inherent interests in company's expansion The largest shareholder of the company is Kuldip Sahi with a 63% stake Insiders have been buying lately This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. A look at the shareholders of Morguard Corporation (TSE:MRC) can tell us which group is most powerful. The group holding the most number of shares in the company, around 64% to be precise, is individual insiders. In other words, the group stands to gain the most (or lose the most) from their investment into the company. And looking at our data, we can see that insiders have bought shares recently. This could signal that stock prices could go up and insiders are here for it. In the chart below, we zoom in on the different ownership groups of Morguard. View our latest analysis for Morguard Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. As you can see, institutional investors have a fair amount of stake in Morguard. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Morguard's historic earnings and revenue below, but keep in mind there's always more to the story. Hedge funds don't have many shares in Morguard. The company's CEO Kuldip Sahi is the largest shareholder with 63% of shares outstanding. This essentially means that they have significant control over the outcome or future of the company, which is why insider ownership is usually looked upon favourably by prospective buyers. In comparison, the second and third largest shareholders hold about 12% and 0.8% of the stock. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Our most recent data indicates that insiders own the majority of Morguard Corporation. This means they can collectively make decisions for the company. Given it has a market cap of CA$1.2b, that means they have CA$763m worth of shares. It is good to see this level of investment. You can check here to see if those insiders have been buying recently. The general public, who are usually individual investors, hold a 22% stake in Morguard. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. While it is well worth considering the different groups that own a company, there are other factors that are even more important. Case in point: We've spotted 2 warning signs for Morguard you should be aware of, and 1 of them is concerning. Ultimately the future is most important. You can access this free report on analyst forecasts for the company. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
09-05-2025
- Business
- Cision Canada
Morguard Corporation Announces Voting Results from the 2025 Annual Meeting of Shareholders
MISSISSAUGA, ON, May 9, 2025 /CNW/ - Morguard Corporation (the "Corporation") (TSX: MRC) today announced the results of matters voted on at its annual shareholders' meeting held on May 7, 2025 (the "Meeting"), which included the election of directors of the Corporation, all of the nominees listed in its management information circular dated March 14, 2025. The voting results for each of the matters presented at the Meeting are presented below. The total number of common shares represented by shareholders present in person or by proxy at the meeting was 9,578,593 representing 89.35% of the Corporation's outstanding common shares. 1. Election of Directors The nine (9) nominees proposed by management were elected as directors of the Corporation to hold office until the termination of the next annual meeting of shareholders or until their successors are duly elected or appointed, subject to the provisions of the Corporation's by-laws. Proxies were received on this matter as follows: 2. Appointment of Auditors The firm of Ernst & Young LLP, chartered accountants, was appointed as auditor of the Corporation to hold office until the close of the next annual meeting of the shareholders or until their successors are duly appointed, and to authorize the directors to fix the remuneration of the auditor. Proxies were received on this matter as follows: About Morguard Corporation Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. For more information, please visit SOURCE Morguard Corporation
Cision Canada
08-05-2025
- Business
- Cision Canada
Purpose and Performance: Morguard Releases 2024 ESG Report
MISSISSAUGA, ON, May 8, 2025 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) today released its 2024 Environmental, Social and Governance (ESG) Report, detailing key accomplishments and outlining its path forward on sustainability, decarbonization, risk management, governance, and stakeholder engagement. To download the 2024 ESG Report, visit "As we celebrate our 50th anniversary, we are sharpening our focus on long-term resilience, climate action, and community impact," said Angela Sahi, President and COO, Morguard. "We are committed to creating measurable value for our stakeholders by driving environmental progress and supporting communities through a strong and purpose-driven ESG approach." Environmental Highlights: Toward Net Zero In 2024, Morguard renewed its commitment to climate resilience and operational efficiency through an updated ESG Strategic Framework while continuing efforts to align future disclosures with the Sustainability Accounting Standards Board (SASB) and Canada's new Sustainability Disclosure Standards (CSDS). As part of its net-zero roadmap, Morguard reaffirmed its long-term targets, including a 50% reduction in greenhouse gas (GHG) emissions by 2030 and achieving net-zero across its portfolio by 2050. Progress toward these goals includes: 23.1% reduction in GHG emissions from the 2019 baseline 12.1% reduction in energy use across the portfolio A multi-phase decarbonization project at Rideau Towers in Toronto, resulting in a 1,400-tonne reduction in annual GHG emissions 94 properties underwent major retrofits or conservation upgrades, including HVAC systems, lighting retrofits, and energy-efficient windows Nearly 200 nationally recognized green building certifications and sustainability achievements By integrating sustainability into its operations and planning, Morguard is advancing its broader strategy to incorporate smart building technologies and sustainable practices across its portfolio, reducing its environmental footprint while building a more resilient, energy-efficient real estate platform. Social Highlights: Creating Community Impact Morguard believes that sustainable buildings are essential to thriving communities. In 2024, the company deepened its commitment to community well-being and strengthened its social partnerships: Over 27,000 individuals engaged with the CHECK-IN! mental wellness initiative at 18 enclosed shopping centres in partnership with Kids Help Phone, fostering mental well-being and community connection 4,218 kg of textiles diverted, 8,100 pairs of eyeglasses recycled, and over 200 families supported through community drives Awarded the Call2Recycle Leader in Sustainability 2024 for battery diversion campaigns These initiatives are part of our broader Sustainable Morguard's program, which brings together environmental action and community engagement across its retail and commercial properties. Governance Highlights: Embedding Responsibility Over the past year, Morguard strengthened its governance framework by enhancing oversight, improving ESG reporting, and expanding risk management practices. Key milestones include: Re-established ESG Executive Committee and integrated ESG into annual business planning and board-level reporting Completed a physical climate risk assessment process for all managed properties Strengthened cybersecurity protocols aligned with NIST-CSF and CIS standards, and hosted the inaugural Be Cyber Aware Summit "We are proud of how far we have come, and this year's progress reflects the dedication of our teams and the strength of our values," said Beverley G. Flynn, Senior Vice President responsible for Legal, Risk and ESG. "As we look ahead, we remain committed to evolving our ESG practices to meet rising expectations and advancing positive impact across our communities. Together with our employees, tenants, residents, and partners, we are building communities that are resilient, inclusive, and prepared for the future." About Morguard Corporation Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. This year, Morguard proudly celebrates 50 years of leadership, innovation, and growth in the real estate industry.
Cision Canada
06-05-2025
- Business
- Cision Canada
Morguard Corporation Announces 2025 First Quarter Results and Regular Eligible Dividend
MISSISSAUGA, ON, May 6, 2025 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX: MRC) is pleased to announce its financial results for the three months ended March 31, 2025. Operational and Balance Sheet Highlights The Company ended the first quarter in a strong liquidity position with $278.0 million of cash and available credit facilities, and a $1.1 billion pool of unencumbered properties and other investments. The Company refinanced maturing mortgages for gross proceeds of $201.1 million at a weighted average interest rate of 4.55% and a weighted average term of 6.3 years. As at March 31, 2025, the Company's total assets were $11.9 billion, compared to $11.8 billion at December 31, 2024. On January 31, 2025, the Company acquired the remaining 40% ownership interest in Lincluden Investment Management Limited, for a purchase price of $4.0 million. During the first quarter, the Company incurred $19.3 million of development expenditures, predominantly at the Company's residential project comprising 431 suites located in Mississauga, Ontario. The project is anticipated to commence occupancies in the second half of 2027. On April 17, 2025, DBRS Limited (Morningstar DBRS) confirmed the Issuer Rating and Senior Unsecured Debentures rating of the Company at BB (high) and changed the trends to Positive from Stable. Reporting Highlights Total revenue from real estate properties increased by $6.1 million, or 2.3%, to $263.0 million for the three months ended March 31, 2025, compared to $257.1 million for the same period in 2024. Comparative NOI (1) remained stable at $136.6 million for the three months ended March 31, 2025, compared to $136.6 million for the same period in 2024. Adjusted NOI (1) decreased by $0.9 million, or 0.7%, to $137.1 million for the three months ended March 31, 2025, compared to $138.0 million for the same period in 2024. Normalized funds from operations (1) ("Normalized FFO") was $50.0 million, or $4.66 per common share, for the three months ended March 31, 2025. This represents a decrease of $2.6 million, or 5.0%, compared to $52.6 million, or $4.86 per common share for the same period in 2024. Net income decreased by $62.0 million to $54.8 million for the three months ended March 31, 2025, compared to $116.8 million for the same period in 2024, primarily due to a gain on sale of hotel properties in 2024, partially offset by an increase in non-cash net fair value gain. 1) Refer to Specified Financial Measures Financial Highlights For the three months ended March 31 (in thousands of dollars) 2025 2024 Revenue from real estate properties $263,049 $257,089 Revenue from hotel properties 5,374 10,437 Management and advisory fees 9,491 9,657 Interest and other income 4,285 4,483 Total revenue $282,199 $281,666 Revenue from real estate properties $263,049 $257,089 Revenue from hotel properties 5,374 10,437 Property operating expenses (173,651) (163,144) Hotel operating expenses (4,698) (9,634) Net operating income ("NOI") $90,074 $94,748 Net income attributable to common shareholders $58,135 $130,446 Net income per common share – basic and diluted $5.42 $12.06 Funds from operations (1) $47,242 $31,943 FFO per common share – basic and diluted (1) $4.41 $2.95 Normalized funds from operations (1) $49,964 $52,576 Normalized FFO per common share – basic and diluted (1) $4.66 $4.86 (1) Refer to Specified Financial Measures. Total revenue during the three months ended March 31, 2025, increased by $0.5 million to $282.2 million compared to $281.7 million in 2024, primarily due to an increase in revenue from real estate properties in the amount of $6.1 million primarily due to higher AMR within the multi-suite residential segment, and from the net impact of acquisition and disposition of properties, partially offset by a decrease in revenue from the sale of 14 hotels on January 18, 2024 (the "Hotel Portfolio Disposition") in the amount of $5.1 million. Net income for the three months ended March 31, 2025 was $54.8 million, compared to $116.8 million in 2024. The decrease in net income of $62.0 million for the three months ended March 31, 2025, was primarily due to the following: A decrease in NOI of $4.7 million, mainly due to a decrease in basic rent and increase in vacancy costs at Penn West Plaza, resulting from the expiry of Obsidian Energy's lease, partially offset by increases in AMR and occupancy at multi-suite residential properties; An increase in non-cash net fair value gain of $101.2 million, mainly due to an increase in fair value gain on real estate properties, a decrease in fair value loss on the Morguard Residential REIT units, on other real estate funds investments and on marketable securities; A decrease in gain on sale of hotel properties of $150.6 million due to the Hotel Portfolio Disposition; and An increase in income tax expense (current and deferred) of $8.0 million, mainly due to a deferred tax increase from a higher fair value gain recorded on the Company's Canadian and U.S. properties, partly offset by a decrease in current taxes resulting from the disposal of properties in 2024. The Hudson's Bay Company ("The Bay") On Friday March 7, 2025, The Bay filed for creditor protection under the Companies' Creditors Arrangement Act. The Company has four Bay locations comprising a total of 439,250 square feet of GLA on a proportionate ownership basis (Centerpoint Mall, Toronto, Bramalea City Centre (20.7%), Brampton, St Laurent Centre, Ottawa and Cambridge Centre, Cambridge). Currently, The Bay is conducting liquidation sales at the Company's four Bay locations which is expected to conclude in the second quarter of 2025. The Company's annual gross rent earned from The Bay leases is approximately $2.5 million on a proportionate ownership basis. Average Occupancy Levels During the first quarter, occupancy was strong and consistent across the multi-suite residential and retail asset classes, supporting the Company's business objective of generating stable and increasing cash flow through its diversified portfolio of real estate assets. The following table provides occupancy by asset class for the following periods: (1) Retail occupancy has been adjusted to exclude development space of 379,572 square feet of GLA. (2) Office includes industrial properties with 1,013,500 square feet of GLA. On February 1, 2025, Obsidian Energy's lease expired at Penn West Plaza, an office building located in Calgary, Alberta. As at March 31, 2025, the occupancy percentage for Penn West Plaza was 72.9% compared to 98.5% at March 31, 2024. As at March 31, 2025, including future commitments, Penn West Plaza is approximately 80% leased. The following table provides a reconciliation of Adjusted NOI to its closely related financial statement measurement for the following periods: (1) Includes industrial properties with NOI for the three months ended March 31, 2025 of $2,804 (2024 - $2,477). For the three months ended March 31, 2025, Adjusted NOI decreased by $0.9 million, or 0.7%, primarily due to a decrease in basic rent and higher vacancy at Penn West Plaza due to the Obsidian Energy lease expiry, partially offset by an increase in AMR within the multi-suite residential segment and from the net impact of acquisition and disposition of properties in 2024. Funds From Operations and Normalized FFO The following tables provide a reconciliation of FFO and Normalized FFO to its closely related financial statement measurement for the following periods: For the three months ended March 31 (in thousands of dollars) 2025 2024 Multi-suite residential $74,850 $70,421 Retail 30,858 32,287 Office 30,707 34,494 Hotel 676 803 Adjusted NOI 137,091 138,005 Other Revenue Management and advisory fees 9,491 9,657 Interest and other income 4,285 4,483 Equity-accounted FFO 556 1,075 14,332 15,215 Expenses and Other Interest (62,985) (64,882) Principal repayment of lease liabilities (489) (401) Property management and corporate (24,925) (23,331) Internal leasing costs 1,636 1,205 Amortization of capital assets (288) (281) Current income taxes (2,637) 952 Non-controlling interests' share of FFO (11,923) (13,657) Unrealized changes in the fair value of financial instruments (2,622) (20,634) Other income (expense) 52 (248) FFO $47,242 $31,943 FFO per common share amounts – basic and diluted $4.41 $2.95 Weighted average number of common shares outstanding (in thousands): Basic and diluted 10,718 10,813 For the three months ended March 31 (in thousands of dollars) 2025 2024 FFO (from above) $47,242 $31,943 Add/(deduct): Unrealized changes in the fair value of financial instruments 2,622 20,634 SARs plan increase in compensation expense 323 857 Lease cancellation fee and other (265) (1,037) Tax effect of above adjustments 42 179 Normalized FFO $49,964 $52,576 Per common share amounts – basic and diluted $4.66 $4.86 Second Quarter Dividend The Board of Directors of Morguard Corporation announced that the second quarterly, eligible dividend of 2025 in the amount of $0.20 per common share will be paid on June 30, 2025, to shareholders of record at the close of business on June 16, 2025. Specified Financial Measures The Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). However, this earnings release also uses specified financial measures that are not defined by IFRS, which follow the disclosure requirements established by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure for non-GAAP financial measures. Specified financial measures are categorized as non-GAAP financial measures, non-GAAP ratios, and other financial measures. Additional details on specified financial measures including supplementary financial measures, capital management measures and total segment measures are set out in the Company's Management's Discussion and Analysis for the three months ended March 31, 2025 and available on the Company's profile on SEDAR+ at The following non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. The Company's management uses these measures to aid in assessing the Company's underlying core performance and provides these additional measures so that investors may do the same. Management believes that the non-GAAP financial measures described below, which supplement the IFRS measures, provide readers with a more comprehensive understanding of management's perspective on the Company's operating results and performance. A reconciliation of each non-GAAP financial measure referred to in this earnings release is provided above. Adjusted NOI Adjusted NOI is an important measure in evaluating the operating performance of the Company's real estate properties and is a key input in determining the fair value of the Company's properties. Adjusted NOI represents NOI (an IFRS measure) adjusted to exclude the impact of realty taxes accounted for under IFRIC 21 as noted below. NOI includes the impact of realty taxes accounted for under the International Financial Reporting Interpretations Committee ("IFRIC") Interpretation 21, Levies ("IFRIC 21"). IFRIC 21 states that an entity recognizes a levy liability in accordance with the relevant legislation. The obligating event for realty taxes for the U.S. municipalities in which the REIT operates is ownership of the property on January 1 of each year for which the tax is imposed and, as a result, the REIT records the entire annual realty tax expense for its U.S. properties on January 1, except for U.S. properties acquired during the year in which the realty taxes are not recorded in the year of acquisition. Adjusted NOI records realty taxes for all properties on a pro rata basis over the entire fiscal year. Comparative NOI Comparative NOI is presented in this earnings release because management considers this non-GAAP financial measure to be an important measure of the Company's operating performance for properties owned by the Company continuously for the current and comparable reporting period and does not take into account the impact of the operating performance of property acquisitions and dispositions as well as properties subject to significant change as a result of recently completed development. In addition, Comparative NOI is presented in local currency, isolating any impact of foreign exchange fluctuations, and eliminates the impact of straight-line rents, realty taxes accounted for under IFRIC 21, lease cancellation fees and other non-cash and non-recurring items. Funds From Operations and Normalized FFO FFO (and FFO per common share) is a non-GAAP financial measure widely used as a real estate industry standard that supplement net income (loss) and evaluates operating performance but is not indicative of funds available to meet the Company's cash requirements. FFO can assist with comparisons of the operating performance of the Company's real estate between periods and relative to other real estate entities. FFO is computed in accordance with the current definition of the Real Property Association of Canada ("REALPAC") and is defined as net income (loss) attributable to common shareholders adjusted for: (i) deferred income taxes, (ii) unrealized changes in the fair value of real estate properties, (iii) realty taxes accounted for under IFRIC 21, (iv) internal leasing costs, (v) gains/losses from the sale of real estate or hotel property (including income tax on the sale of real estate or hotel property), (vi) transaction costs expensed as a result of a business combination, (vii) gains/losses on business combination, (viii) the non-controlling interest of Morguard North American Residential REIT, (ix) amortization of depreciable real estate assets (including right-of-use assets), * amortization of intangible assets, (xi) principal payments of lease liabilities, (xii) FFO adjustments for equity-accounted investments, (xiii) provision for (recovery of) impairment, (xiv) other fair value adjustments and non-cash items. The Company considers FFO to be a useful measure for reviewing its comparative operating and financial performance. FFO per common share is calculated as FFO divided by the weighted average number of common shares outstanding during the period. Normalized FFO (and normalized FFO per common share) is computed as FFO excluding non-recurring items on a net of tax basis and other non-cash fair value adjustments. The Company believes it is useful to provide an analysis of Normalized FFO which excludes non-recurring items on a net of tax basis and other non-cash fair value adjustments excluded from REALPAC's definition of FFO described above. Non-consolidated indebtedness to gross book value ratio is a compliance measure and establishes the limit for financial leverage of the Company on a Non-Consolidated Basis. Non-consolidated indebtedness to gross book value ratio is presented in this earnings release because management considers this non-GAAP measure to be an important compliance measure of the Company's financial position. Non-consolidated gross book value is a measure of the value of the Company's assets and is calculated as total assets less right-of-use assets accounted for under IFRS 16, Leases. Non-consolidated indebtedness is defined as the sum of the current and non-current portion of: (i) mortgages payable, (ii) Unsecured Debentures, (iii) convertible debentures, (iv) bank indebtedness, and (v) loans payable. The Company's unaudited condensed consolidated financial statements for the three months ended March 31, 2025, along with Management's Discussion and Analysis will be available on the Company's website at and will be filed with SEDAR+ at About Morguard Corporation Morguard Corporation is a real estate company, with total assets owned and under management valued at $18.7 billion. As at May 6, 2025, Morguard owns a diversified portfolio of 156 multi-suite residential, retail, office, industrial and hotel properties comprised of 17,798 residential suites, approximately 16.9 million square feet of commercial leasable space and 472 hotel rooms. Morguard also currently owns a 67.0% interest in Morguard Real Estate Investment Trust and a 47.9% effective interest in Morguard North American Residential Real Estate Investment Trust. Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at
Globe and Mail
11-04-2025
- Business
- Globe and Mail
Morguard buying more Morguard REIT (MRT)
Morguard Corporation, a 10% Holder, acquired 50,000 Units on a direct ownership basis at a price of $5.500 on April 9th, 2025. This represents a $275,000 investment into the company's shares and an account share holdings change of 0.3%. Let the insiders guide you to opportunity at
